Income Tax Assessment Act 1997
View history note
Hide history note[ CCH Note: Div 421 will be inserted by No 9 of 2025, s 3 and Sch 1 item 3, effective the later of: (a) the first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent; and (b) the first 1 January, 1 April, 1 July or 1 October to occur after the day the Future Made in Australia (Guarantee of Origin) Act 2024 commences. However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur.]
[ CCH Note: Subdiv 421-A will be inserted by No 9 of 2025, s 3 and Sch 1 item 3, effective the later of: (a) the first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent; and (b) the first 1 January, 1 April, 1 July or 1 October to occur after the day the Future Made in Australia (Guarantee of Origin) Act 2024 commences. However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur.]
If a company is entitled to the * hydrogen production tax offset for an income year in respect of one or more kilograms of hydrogen, the amount of the offset for the income year is $ 2 in respect of each whole kilogram of hydrogen.
421-10(2)
However, if:
(a) * HPTO community benefit rules under paragraph 421-45(1)(b) apply to the company for the income year; and
(b) circumstances specified in those rules exist for the company;
then the amount of the * hydrogen production tax offset is reduced by the proportion specified in those rules for those circumstances.
[ CCH Note: S 421-10 will be inserted by No 9 of 2025, s 3 and Sch 1 item 3, effective the later of: (a) the first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent; and (b) the first 1 January, 1 April, 1 July or 1 October to occur after the day the Future Made in Australia (Guarantee of Origin) Act 2024 commences. However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur.]
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